PE firm Armonia to buy majority stake in Italian high-end clothing brand Aspesi

Italian private equity firm Armonia, through its Harmony Italy Fund, yesterday struck a deal to buy a majority stake in high-end clothing brand Aspesi for an undisclosed sum.

Alberto Aspesi, founder of the brand, will retain a minority stake.

Alberto Aspesi founded A&D-Camiceria in 1969, and changed the name to Bagarre of Alberto Aspesi in 1973, and once again changed to his own name in 1990.

Aspesi is known for its quilted nylon jacket, swollen like the Michelin puppet. The Milan-based company has eight lines, aimed at a clothing style that is clean and severe, with a uni-sex cut.

The brand has stood for the classic basic research on clothing, focusing his research on the development of unique and innovative fabrics.

Fabio Gnocchi, former commercial director at rival Brunello Cucinelli, will be appointed as the new CEO Aspesi.

"Aspesi is part of the brand ranks of Made in Italy on which we aim, with our resources and with our expertise to enhance and grow,'' said, Alessandro Grimaldi, CEO of Harmony SGR.